System and method for an automated sales system with remote negotiation and post-sale verification

ABSTRACT

The present invention provides a system and method to process items for sale or bid, to transmit electronic negotiations between prospective buyer and seller, and to verify the condition of the item before delivery to the buyer. The invention facilitates autonomous and remote negotiation between sellers and prospective buyers while protecting buyers from fraud and item misrepresentation. With the present invention, items can be sold individually and are not treated as standardized items that are interchangeable with similar commodity goods. The present invention also provides a waitlisting function. In addition, the functionality of traditional auction systems may be integrated with the novel features of the present invention. Furthermore, the present invention provides a system and method for conducting a reverse auction by allowing prospective buyers to list desired items.

BACKGROUND OF THE INVENTION

1. Field of the Invention

The present invention relates to systems and methods of executing aremote negotiation for sale and post-sale verification of goods orservices on an automated exchange or electronic system, particularlywith respect to Internet commerce.

2. Description of Related Art

In traditional buyer and seller negotiation of collectibles, such ascomic books, baseball cards, and the like, buyers find sellers ofdesired items through the distribution of catalogs or paperadvertisements. Negotiation on price traditionally requires thatletters, faxes or telephone calls be exchanged between a seller andprospective buyers. When an offer is made for an item, an entire roundof communications is required where prospective buyer and seller go backand forth with offer and counteroffer until they settle upon an agreedprice. Some advances in communications have made this process moremanageable. Prospective buyers can search for sellers through Internetweb sites, and they generally communicate with a seller via e-mail. Thismethod, however, is, at best, cumbersome. Furthermore, this approachdoes not allow buyer and seller negotiations to occur in real-time wheresellers can systematically evaluate bids rapidly upon submittal.

A recent innovation in sales has been to use the Internet to post itemson third-party auction or listing web sites. These sites allow users tobid for goods and services in an auction or to purchase goods andservices at listed prices. These systems are automated and capable ofaccepting a bid from a customer through e-mail, telephone, facsimile,mail, or through an online form. Bidding information is taken by thesystem and placed into a bid database, and a winner is selected based onthe bid.

Auction or listing systems allow negotiation for items by one of twomethods. One method provides buyer and seller autonomy. Sellers doeverything involved with the sales process, from listing and describingthe item on the site to sending the item to the buyer after payment isreceived. This method gives a substantial amount of flexibility forbuyer and seller. However, buyers of items over the Internet frequentlycomplain that after sending payments to unknown Internet auction anddirect sellers they receive defective or misrepresented merchandise orreceive nothing at all.

The second method is for the owner of the merchandise to agree to areserve price with an auction house or third party site and to send theitem in advance to the third party to sell on consignment. After theitem is received and the third-party has physical possession, it doeseverything in the auction or sales process. This system offers lessautonomy for the seller in the sales process, but is more secure for thebuyer because a third party verifies the item prior to advertising it inthe auction. It also enables the company to act as third partyarbitrator for any disputes that may arise. This second method increasesthe likelihood of a smooth post-sale transaction and increasedlikelihood of buyer satisfaction.

Security brokerage firms for years have used automated transactionsystems for matching buy and sell orders for securities. For example,NASDAQ's SOES (Small Order Execution System) system offers completeelectronic matching of buyers and sellers. However, this system does notfacilitate back and forth negotiations between individual buyers andsellers on unique, individual items. It merely pairs buy orders withsell orders of a standardized commodity when the pricing criteria ofboth sides of the trade are met. Similarly, a system has been developedin which similar collectibles trade as a single commodity on acollectible exchange much like the stock market. There is a set sellprice and a set buy price. The item sold is a standardized commoditywhich is interchangeable with other items sharing the same description.Prospective buyers or bidders cannot choose a unique item for purchase.For example, a Barry Bonds 1987 Fleer baseball card in a particularcondition may be listed on a site. Though many such cards are available,only one Barry Bonds card is pictured and users cannot choose the exactcard for purchase. There are frequently differences in the quality ofsimilar items, and bidders prefer to see the exact item upon which theyare bidding. When a buy order price matches a sell order price, astandardized item is sent to the third party exchange that in turn sendsit to the buyer. While verification of the merchandise may occur, onlycertain specifications are verified. The buyer receives a standardizeditem that matches the specifications that they request. These exchangesdo not enable negotiation between an individual buyer and seller.Individual offers are not relayed to sellers of items so sellers areunable to respond to buyer activity. Likewise, bidders are not able torespond to seller activity. It is also not possible for a seller tosubmit a counteroffer in response to a bid, and for the two to negotiateback and forth.

SUMMARY OF THE INVENTION

Currently, no automated sales system allows buyers and sellers tonegotiate autonomously and remotely for non-standardized and uniquegoods while also providing verification of the goods after a salesagreement.

To resolve the absence of such a system, the present invention providesa system and method to integrate a seller-managed listing process andnegotiation functionality with full-service verification of each itemupon sale. Items can be sold individually and are not treated asstandardized items that are interchangeable with similar goods.Prospective buyers and sellers have freedom to negotiate on itemsregarding terms of sale, such as price, while simultaneously protectingbuyers from fraud and item misrepresentation. Unlike systems that sellon consignment, the seller is able to maintain possession of themerchandise at all times prior to successful negotiation between buyerand seller. In addition, the buyer does not have to be concerned aboutseller fraud or item misrepresentation because a third party ensurespost-sale item verification of merchandise prior to shipment of the itemto the buyer.

The present invention provides a system and method to process items forsale or bid, to transmit electronic negotiations between buyer andseller within a specified time period, and to verify the item beforedelivery to the buyer. It also provides a system and method to securelyreceive bids electronically from a number of bidders, to rank thereceived bids using a variety of criteria, and to electronically provideresulting information to bidders and sellers. The present invention alsoprovides a system and method for conducting a reverse auction byallowing prospective buyers to list desired items in a wantlist.

In a particular embodiment of the present invention, sellers usesoftware to add items to the web site themselves. If there is an itemthat an interested bidder thinks is priced too high, the bidder cansubmit a bid (an offer to the seller to purchase the item at a specifiedprice). The seller can then accept the offer, decline the offer, or makea counteroffer. The counteroffer allows the seller to offer the item tothe bidder for a price greater than the bid, but less than the seller'sinitially listed asking price. Within a counteroffer time limit, if anybid below the counteroffer price is subsequently submitted by anotherbidder, the counteroffer previously submitted by the seller willautomatically be relayed to that bidder. Within the counteroffer timelimit, if any bid is subsequently submitted by another bidder at orabove the counteroffer price, the bid is automatically accepted for theseller by the system. At the time of counteroffer submission, the sellercan also simultaneously change the listed asking price to thecounteroffer price in order to make the item immediately available atthe counteroffer price for other buyers.

Additionally, the present invention may allow a bidder to submit a bidthat is higher than the seller's ask price before the seller acceptsanother offer at the ask price. In this case, the seller may manuallyaccept the higher bid. Alternatively, the seller may wish to submit acounteroffer at a price higher than the original ask price and the bid,which the bidder may accept to prevent a chance that other bidders maysecure the item. If the time limit has expired and the seller has notresponded to the higher offer, the system may automatically accept thehighest bid at or above the ask price.

When a buyer and seller agree on price, there is a match and the item issent by the seller to a third party that verifies the accuracy of theproduct description. In a particular embodiment, the item may be acollectible comic book, and the verification confirms that the comicbook has the condition, quality, and characteristics given in theseller's description of the comic book. The buyer sends payment. Afterverification and receipt of payment, the item is sent to the buyer.Delivery of the item may include postal shipment, express shipment,courier, will call pick-up, or the like. Payment is also sent to theseller. Payment forms may include a bank check, credit card, debit card,wire transfer, any electronic system of funds transfer, or the like.Payment may be direct or indirect, i.e., payment to another trustedparty such as a bank. The sale may: be deemed to be complete uponreceipt of item by the buyer, or the buyer may have a time period toaccept or decline the item according to the return policy.

The invention may also combine user submissions of buy orders and bidsinto one order for buyer submission, transaction processing, payment,shipment, and receipt making it highly convenient for the buyer. Thesystem enables a buyer to place one order containing buy orders and bidsfor multiple items owned by multiple sellers. After negotiations betweenthe buyer and each seller cease for each item or after the order timeoutperiod set in the system (whichever is sooner), buyer receives one finalorder confirmation and payment request for all items within the order.Buyer sends out one payment for the order to one place, instead ofsending multiple payments out to each seller. Buyer receives one packagefor all items within the order instead of multiple packages from eachseller.

The functionality of traditional auction systems may be integrated withthe novel features of the present invention. When the seller lists theitem, the seller specifies a list price if the item does not sell atauction. If the item does not sell at auction (the auction price is notgreater than or equal to the seller's start price or reserve price), theprogram automatically lists the unsold item for sale (rather thanauction) at a list price specified by the seller. Additionally, althoughthe seller lists the item remotely and independently of an auctionadministrator, if the item sells at auction, the seller ships the itemfor third party verification. Prior to shipping the item to the buyer(the high bidder), the third party administrator verifies that it fitsthe description and condition specified at auction.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is an organizational chart of a “For Sale” section user interfacedisplaying items for sale or bid;

FIG. 2 is an organizational chart of an order for items in the “ForSale” section;

FIG. 3 is an organizational chart of a seller's “Listing Controls”section within which a seller remotely accesses and autonomously managesdata regarding sale items;

FIG. 4 is an organizational chart of a “View/Edit Item” section of theseller's “Listing Controls” section within which the user accesses andedit items that are listed in the “For Sale” section;

FIG. 5 is an organizational chart of a seller's “Buy Orders Received”section within which a seller responds to buy orders received for itemslisted in the “For Sale” section;

FIG. 6 is an organizational chart of a seller's “Bids Received” sectionwithin which a seller responds to bids received for items listed in the“For Sale” section;

FIG. 7 is an organizational chart of a buyer's “Bids Placed” sectionwithin which bidders can raise or cancel bids and respond to sellercounteroffers for items in the “For Sale” section;

FIG. 8 is an organizational chart of a user's “System Settings” sectioncontaining a seller's system settings and seller preferences, such asthe use of an “Auto-reject Bid” feature;

FIG. 9 is an organizational chart of a seller's “Add Auction Item”section;

FIG. 10 is an organizational chart of a seller's “My Auctions” sectionwithin which the seller can view current and past auctions, edit items,and re-list items;

FIG. 11 is an organizational chart of a bidder's “My Bids” sectionwithin which the bidder can view bids;

FIG. 12 is an organizational chart of the “Inform” section whichnotifies the administrator that items for verification and payment havebeen sent;

FIG. 13 is an organizational chart of the administrator's “SalesPending—Items” section, within which administrator can view buyer,seller and item information and verify or reject sales pending items;

FIG. 14 is an organizational chart of the administrator's “SalesPending—Orders” section, within which administrator can view buyer,seller and order information and close or abort orders;

FIG. 15 is an organizational chart of a buyer's “Waitlist” sectionwithin which the user can view and cancel waitlist items; and

FIG. 16 is an organizational chart of a buyer's “Wantlist” sectionwithin which the user can add, upload, edit and delete items to thewantlist.

DETAILED DESCRIPTION OF THE INVENTION

The following presents a detailed description of an automated salessystem that integrates a seller-managed listing process and onlinenegotiation functionality with full-service verification of each itemupon sale. Items can be sold individually and are not treated asstandardized items that are interchangeable with similar goods.

The present invention may be executed on an automated exchange orelectronic system, which may be a single computer station, a number ofcomputer stations, personal digital assistants, cell phones, theInternet, or any device capable of displaying a graphical interface orweb based media. The system organizes data in a predetermined format andmay display the information on any device capable of displayinginformation to a user. The system communicates data with the user in anyavailable manner, including, but not limited to, over-the-air(wireless), cable, satellite, telephone, DSL (Digital Subscriber Line),LAN (Local Area Network), WAN (Wide Area Network), Intranet, or theInternet. Furthermore, any notification between the system and a usermay occur in any available manner, including, but not limited to, email,paging, voice messaging, or text messaging.

The present invention may be implemented as computer software on aconventional computer system. The steps of the present invention may beexecuted as machine-executable instructions that program ageneral-purpose or special-purpose processor to perform the steps of thepresent invention. Alternatively, the steps of the present inventionmight be performed by specific hardware components with hardwired logicfor performing the steps, or by any combination of programmed computercomponents and custom hardware components, as is understood to thoseskilled in the art.

The present invention may also be provided as a computer program productthat may include a machine-readable medium having stored instructions,which may be used to program a computer (or other electronic devices) toperform the steps of the present invention. The machine-readable mediummay include, but is not limited to, floppy diskettes, optical disks,CD-ROMs, magnet-optical disks, ROMs, RAMs, EPROMs, EEPROMs, magnet oroptical cards, or other type of media/machine-readable medium suitablefor storing electronic instructions. The present invention may also bedownloaded as a computer program product, where the program may betransferred from a remote computer to a requesting computer using datasignals embodied in a carrier wave or other propagation medium via acommunication link.

The preferred embodiment of the present invention facilitates thenegotiation and exchange of items via data presented and exchanged overthe Internet. While embodiments of the present invention will bedescribed with respect to an online listing or auction tradingenvironment, the systems and methods described are equally relevant toother applications in which data is collected from various sources andpresented to a user and/or other e-commerce environments.

A web site with an embodiment of the present invention may be comprisedof a “For Sale” section and an “Auction” section. The “For Sale” sectionallows a seller to list items with a desired list price. The buyer maypurchase the item at the list price or try to negotiate terms of salewith the seller by offering a bid. The seller may counteroffer andnegotiate with buyers on a one-on-one basis. The “Auction” sectionallows a seller to list an item for open auction and the item is sold tothe highest bidder. An administrator of the web site, also known as anegotiation administrator, may facilitate the steps of the presentinvention by ensuring that negotiations and sales comply with generalrules, which may include rules governing user permissions for sellers orbuyers on the web site, guidelines covering allowable descriptions forsale items, as well as other rules described hereinbelow.

“For Sale” Section

With reference now to FIG. 1 of the Drawings, there is illustrated anorganizational chart of a “For Sale” section, designated generallyherein by the reference numeral 100. As shown in the figure, sellers canlist items 102 according to item types 104, categories 106, andsubcategories 108. Items 102 include detailed data regarding the item'stitle 110, brief item details 112, and a pictorial thumbnail scan 114 ofthe item. For complete item description, a hyperlink connects item title110 to a full item detail page 116. Additional item detail includes aseller's ask or list price 118 and the current highest bid 178. Tocontrol the items that are available on the web site and as a first stepin verifying sale items, an administrator of the web site may restrictthe subcategories to subcategories of items that can be verified.

When a buy order is created, i.e., a user selects to purchase theaforementioned item 102 at the seller's list price 118, users initiatethis by clicking a “Buy It” button 122. When a bid is created, i.e., auser makes an offer below the seller's list price 118, the userindicates such by entering the bid in a “Submit Bid” text box 124, andthen clicking a “Submit Bid” button 126. The bidder may optionally setan expiration date for the bid; the bid is withdrawn if the seller failsto respond before this date. In addition, an administrator of the website may set a minimum bid percentage, i.e. the minimum allowablepercentage of the list price 118 that a bidder can bid for an item.

With reference now to FIG. 2 of the Drawings, there is illustrated anorganizational chart of an order 130. As shown in the figure, order 130includes a user's bids 150 and buy orders 180. Each order is assigned anorder number 134. An order 130 includes order detail 132 regarding bidcount 152, i.e. the number of bids placed, bid subtotal 154, buy ordercount 182, i.e., the number of buy orders placed, buy order subtotal184, and order total 144. Additional data for order detail 132 includeuser name 136, user address 138, payment method 140 and shipping method142.

An order 130 may have numerous bids 150 and buy orders 180 for items 102owned by one or more sellers, e.g., BID 1 and BID 2, and BUYORDER 1 andBUYORDER 2, respectively. When a user submits an order 130 forprocessing, it becomes an “order pending.” An “order pending” is anorder within which negotiation between buyer and seller has not yetended for one or more items within the order 130.

Each bid 150 in order 130 has a bid item negotiation status 156, andeach buy order 180 in order 130 has a buy order item status 186. The biditem negotiation status 156 is real-time and depends on buyer and sellernegotiation. Buy order item status 186 is also real-time and depends onitem availability. Buy order item status 186 may include: “buy orderitem availability confirmed by seller” 188 and “buy order itemunavailable” 190. Bid item negotiation status 156 may include: “bidaccepted by seller” 158, “bid declined by seller” 160, “counteroffersubmitted by seller” 162, “counteroffer accepted by bidder” 164, and“counteroffer rejected by bidder” 166. When the seller has not yetresponded to a bid 150 or buy order 180, the status indicates that it is“pending seller response” 168.

Also included in the order detail are an order submission date and time146 and the time remaining before order timeout 148. The order timeoutis the deadline for negotiations. The order timeout period is the periodof time, in days, between the order date and the date that buyer andseller negotiations for each item 102 within which the order 130 mustend. An administrator of the web site may set the order timeout period.Alternatively, the system may allow the seller or prospective buyer toset the order timeout period. After the order timeout period is reachedfor an order 130, a final order confirmation is generated by the systemto notify the buyer who placed the order.

After order timeout, all bids 150 with a status of “pending sellerresponse” 168 are automatically rejected by the program, and all buyorders 180 with a status of “pending seller response” 168 are cancelled.If the status of a bid 150 is “counteroffer submitted by seller” 162 andthe counteroffer has not yet been accepted by the bidder after theaforementioned order timeout, that counteroffer is also cancelledautomatically.

A match occurs when buyer and seller agree to a sale price for an item.A match item is an item 102 for which buyer and seller have agreed to asale price. The match price is the sale price for which the buyer andseller have agreed to exchange the item. After a match occurs, thesystem generates an item shipment request notification and sends it tothe seller. The item shipment request notification confirms to theseller that there is a sale pending for the item and requests that theitem be sent to the third party for item verification. After a matchoccurs, “Sale Pending” text appears next to the item 102 listed in the“For Sale” section 100, as shown in FIG. 1.

After a match occurs, a “Waitlist” button also appears next to the item102 listed in the “For Sale” section 100. Another interested buyer canclick on the waitlist button for the “Sale Pending” item. If the firstbuyer does not complete the sale, then the item will be offeredexclusively, on a first-come-first-served basis, to buyers on thewaitlist for the item. In addition, if a seller has yet to agree to abid from a bidder, any subsequent bidders who place the same bids (atthe match price) are automatically added to the waitlist for that item.

A pending order becomes an “order confirmed” either after all bids, buyorders, and counteroffers within the order have been accepted ordeclined or after order timeout 148 is reached. After an order becomesconfirmed, the system sends a final order notification to the buyer.

Seller Controls

With reference to FIG. 3 of the Drawings, there is illustrated anorganizational chart of a seller's “Listing Controls” section 250showing an embodiment of the seller's ability to remotely access andautonomously manage data regarding sale items 102 in the aforementioned“For Sale” section 100. As shown in FIG. 3, the seller's “ListingControls” section 250 may further include an “Add Item” section 252, a“Bulk Upload” section 258, and a “View/Edit Item” section 270.

In the “Add Item” section 252, the seller selects the item type underwhich the sale item will be listed by using an “Item Type” pull-downmenu 254. When an item type is selected, an “Add New Item Detail”section 256 is displayed, wherein a seller enters detailed dataregarding the aforementioned category 106, subcategories 108, item title110, complete item detail 116, the list or ask price 118, and pictorialthumbnail scans 114 of the item. After submission, the item is posted onthe web site under the proper category 106 and subcategories 108,described hereinabove.

Alternatively, a “Bulk Upload” section 258 allows a seller to uploadmultiple items to a particular subcategory 108 at one time. The sellerselects the item type under which the sale item will be listed by usingthe “Item Type” pull-down menu 254. The user selects a file on thecomputer that contains new items to list and clicks on an “Upload NewList” button 260 to upload the items to the web site. It should beunderstood that the uploaded file format must be consistent with thatrecognized by the program and the specific item type 104. If so, the newitems in the uploaded list are integrated into a master list for thatitem type 104 within the subcategories 108 specified by the user.Otherwise, the items are rejected by the program and are not listed inthe “For Sale” section 100. A notification is sent to the sellerproviding information on the acceptance or rejection of each item in abulk load.

Additionally, a seller may replace a previously uploaded item list withan updated list. The seller selects a file on the computer that containsitems to list and clicks on an “Upload and Replace List” button 262 toreplace the old list on the web site. The new list may contain unchangeditems from the previous list, modified items from the previous list, aswell as completely new items. The program can recognize which items arenew or changed and distinguish them from items on the previouslyuploaded list.

With reference now to FIG. 4 of the Drawings, there is illustrated the“View/Edit Item” section of the seller's “Listing Controls” section 250,wherein the seller accesses and edits items that are listed in the “ForSale” section 100. The seller selects items to view for a particularitem type 104 by using the aforedescribed “Item Type” pull down menu254. The seller then has the options of selecting an entire subcategory108 by using a “View/Edit Subcategory” pull-down menu 272, viewing allitems the seller has listed on the web site by clicking the “View/EditAll Listed Items” button 274, or searching a specific item by typing adescription in a “View/Edit Specific Item” text box 276. Resultingrecords 278 are displayed with detailed data regarding item title 110with a hyperlink to the complete item detail 116, brief item description112, the list price 118, the last update date/time 280, and the bidcount 152. “Decrease Price” functionality 292 may allow a seller todecrease the list price of multiple items by a percentage specified bythe seller. “Bulk Delete” 290 functionality may allow a seller to deletemultiple items. Also displayed are an “Edit” button 282 and a “Delete”button 284. A seller selects the “Delete” button 284 to delete aspecific record. If a user selects the edit button 282, an “Edit Item”section 286 for the specific item will be displayed. The “Edit Item”section 286 contains information that was provided on the “Add New ItemDetail” section 256. The seller can edit and change description fieldsfor the listings. The seller is also able to move an item the seller haslisted in the “For Sale” section 100 to the auction section 700(discussed hereinbelow) by clicking a “Move to Auction” button 160. Theseller must then provide the data required for the auction (discussedfurther below).

Buy Orders

With further reference to FIG. 5 of the Drawings, there is illustratedan organizational chart of a “Buy Orders Received” section 300, whereinsellers administer buy orders for goods and services they want to sell.It shows the seller buy orders 180, described hereinabove in connectionwith FIG. 2, that have been placed on items 102 listed in the “For Sale”section 100. As shown in FIG. 5, detailed data regarding the item title110, brief item detail 112, and the list price 118 are also displayed.As discussed, for a complete item description, a hyperlink connects itemtitle 110 to the full item detail page 116. The “Buy Orders Received”section 300 also provides a “Confirm Item Availability” button 310 and a“Confirm Item Unavailability” button 320. Once a buy order is receivedfor an item, the seller clicks the “Confirm Item Availability” button310 to indicate that the item is available to the buyer. Unlikeconsignment systems, the present invention allows the seller to retainthe item before an agreement is reached with a buyer and may provide theseller the autonomy and flexibility to sell the seller's goods throughother marketing venues. If the seller has sold the item through anotheroutside process, the seller clicks the “Confirm Item Unavailability”button 320.

Bids and Sales Negotiation

With reference now to FIGS. 6, 7, and 8 of the Drawings, there areillustrated organizational charts showing an embodiment of thenegotiating functionality of the present invention, wherein a series ofone or more offers and counteroffers are exchanged. In response to abid, the seller can accept the bid, decline the bid, or submit acounteroffer. A counteroffer may be an offer by the seller to the bidderto sell the item for a price greater than the bid but less than theseller's list price.

As shown in FIG. 6, a “Bids Received” section 400 allows sellers toadminister and negotiate bids for goods and services they want to sell.The following real-time information on the item 102 is displayed: theitem title 110 with a hyperlink to the complete item detail 116, thebrief item detail 112, the seller's list price 118, and the currenthighest bid 178. Additional data includes a bid history 170 regardingthe bid count 152, i.e., the number of bids on the item, the number ofbidders 174 currently bidding on the item, and the bid date/time stamp176.

To instruct the system to accept the current highest bid 178, the sellerclicks an “Accept Bid” button 402. The system notifies the bidder onitem 102 that the seller of the item 102 has accepted the bid 150. Toinstruct the system to decline the current highest bid 178 because theseller decides that the bid is too low, the seller clicks a “Decline Bid(low bid)” button 404. To instruct the system to decline the currenthighest bid 178 because the seller has sold the item privately off theweb site, the seller may click a “Decline Bid (already sold)” button406. The system then notifies the bidder on an item 102 that the sellerof the item 102 has declined the bid 150.

A seller may also submit a counteroffer price. The seller does so byentering the counteroffer price in a “Submit Counteroffer” text box 408and clicking a “Submit Counteroffer” button 410 to submit thecounteroffer to the bidders. The system notifies the bidder on item 102that the seller has submitted a counteroffer for the item 102. Theseller may optionally set an expiration date for the counteroffer; thecounteroffer is withdrawn if the bidder fails to respond before thisdate.

With further reference to FIG. 6, there is a “Lower List Price toCounteroffer Price” check box 412 that, when checked before submittingthe counteroffer, reduces the seller's list price 118 on the site to thecounteroffer price submitted. If check box 412 is not marked, only theusers bidding will be aware that the counteroffer price is acceptable tothe seller and the list price 118 will not be lowered. If new biddersplace bids lower than the counteroffer, they receive notification of thecounteroffer as well. If a new bidder places a bid at or above an activecounteroffer or placed a buy order at the seller's ask price, the bid isautomatically accepted. After submission, the counteroffer is displayedas the “Latest Counteroffer” 414. After a counteroffer is submitted the“Submit Counteroffer” button 410 becomes a “Lower Counteroffer” button416 in case the seller decides to lower the counteroffer. There is alsoa “Cancel Counteroffer” button 418, which withdraws the counteroffer ifthe bidder has not yet accepted the counteroffer. A notification is sentto the bidder of item 102 when a counteroffer has been cancelled by theseller.

With reference now to FIG. 7, a “Bids Placed” section 500 allows biddersto administer and negotiate bids for goods and services they want tobuy. A bidder sees the items 102 that the bidder is actively bidding on,i.e., bids 150 that the bidder has placed but have not yet been acceptedor declined by the seller. All data are in real-time. For each item 102,the item title 110 and brief item detail 112 are shown with a link tothe complete item detail page 116. A hyperlink to a bidder's history 502provides additional data regarding the bidder's actions 504 related toitem 102, including all bids 150 placed by the bidder, as well as timeand date stamp information 176 of the bids. A link, i.e., a hyperlink,to a counteroffer history 506 provides additional data regarding theseller's actions 508 related to the item 102, including allcounteroffers submitted 510 by the seller, as well as well as time anddate stamp information 512. The “Bids Placed” section 500 may alsodisplay the order number 134, the seller's list price 118, the currenthighest bid 178, the bid count 152, and the number of bidders 174 on theitem.

As additionally shown in FIG. 7, a text box 520 displays the currentbid, i.e. “Your Bid.” To increase a bid 150, the buyer types in a bidgreater than the current bid and less than or equal to the seller's listprice 118, and clicks the “Raise Bid” button 514. After the bidderpresses the “Raise Bid” button 514, the seller receives notificationthat the bid has been raised. The seller can then respond to the bid byaccepting it, declining it or submitting a counteroffer. There are alsoan “Accept Seller's Counteroffer” button 516 and a “Reject Seller'sCounteroffer” button 518. A notification is sent to the seller of item102, after the buyer that is bidding on the item 102 accepts theseller's counteroffer, by clicking on the aforementioned “AcceptSeller's Counteroffer” button 516. A notification is sent to the sellerof item 102, after the buyer bidding on the item 102 declines theseller's counteroffer, by clicking on the aforementioned “RejectSeller's Counteroffer” button 518. Alternatively, the bidder may cancelthe bid 150 by clicking on the “Cancel Bid” button 522, after which anotification of the cancellation is sent to the seller of item 102.

With reference now to FIG. 8 of the drawings, there is illustrated an“Auto-Reject Bid” feature 605 that enables a seller to specify a minimumpercentage 610 of the list price 118, below which the system, designatedgenerally by the reference numeral 600, will automatically decline anybid 150. The system 600 “System Settings” page allows sellers to set the“Auto-reject Bid” feature 605. If the “Auto-reject Bid” feature 605,however, is set and a bid 150 is placed for the seller's item that isless than the specified percentage 610 of the list price 118, the bidwill automatically be declined and no notification of the bid is sent tothe sender. This feature reduces response time between the time the bid150 is submitted and the time the bidder is notified that the seller hasdeclined the bid 150. Alternatively, the seller can choose to benotified of all of the bids 150 by clicking a “Notify me of all bids”check box 615, in which case the seller must respond manually to allbids 150. It should be understood that the seller is also able to setthe “Auto-Reject Bid” feature 605 for particular items pursuant toadditional embodiments of the instant invention.

Auction Section

With reference now to FIGS. 9, 10, and 11 of the Drawings, there areillustrated organizational charts, wherein another embodiment of thepresent invention is integrated with an online auction system.

As shown in FIG. 9, an auction seller uses an “Add Auction Item” section702 to list item 102 in the “Auction” section 700 of the web site. Theseller lists the item remotely and independently of web siteadministrators. The seller selects an item type 104 and proceeds to the“New Auction Information” page 704, where the seller provides theaforementioned item title 110, complete item detail 116, a start price706, an optional reserve price 708, the auction duration 710, and the“For Sale” section list price 118. If the item does not sell at auction(the auction price is not greater than or equal to the seller's startprice or reserve price), the program automatically lists the unsold itemin the aforementioned “For Sale” section 100 of the web site at theprice 118 specified by the seller.

As illustrated in FIG. 10, a “My Auctions” section 720 shows a sellerthe items 102 that the seller is currently auctioning, as well as itemsthe seller has auctioned in the past. The following information isdisplayed on the My Auctions Page: item title 110 with a hyperlink tothe complete item detail 116, the brief item description 112, the startprice 706, a highest bid price 724, the reserve price 708, an auctionbid count 726, a start date and time 728, an end date and time 730, atime left until end of auction 732, and an auction status 734. Theauction status 734 indicates whether the auction is in progress 736, hasended with a sale 738, or has ended without a sale 740.

After an auction ends successfully, the seller receives a notificationto send the item to an administrator for post-sale execution andverification. If the auction is in progress 736, it will also have a“reserve met” status 742 or a “reserve not met” status 744, as shown inFIG. 10.

If the item did not sell at auction, it is listed in the “For Sale”section 100 at the list price 118 specified by the seller. A seller mayuse a “Relist” button 746 next to items that failed to auction tofacilitate moving the item from the “For Sale” section 100 back to the“Auction” section 700. When a user clicks the “Relist” button 746, aresulting page enables the user to enter and submit a new start price706, reserve price 708, and auction duration 710.

As illustrated in FIG. 11, a “My Bids” page 750 shows the auction bidderthe following information: the auction items 102, the item title 110,the brief item detail 112, a hyperlink to the complete item detail 116,the highest auction bid 724, a bidder's maximum auction bid 752, abidder's straight bid 754, the auction start date and time 728, theauction end date and time 730, the time left until auction end 732 and abidder's auction bid item negotiation status 756.

For an auction in progress, the bidder can submit a maximum bid 752and/or a straight bid 754. The auction bid item negotiation status 756will indicate whether the bidder has the highest auction bid 758 or hasbeen outbid 760. If the bidder is the high bidder, the auction bid itemnegotiation status 756 will also indicate whether the reserve has beenmet 762 or not been met 764. If the auction has ended and the reservehas been met, the item 102 is sent to the highest bidder's shopping cartpage, which the bidder checks out.

Post-Sale Verification

With reference now to FIG. 12 of the Drawings, there is illustrated anorganizational chart of an “Inform” section 800, wherein an embodimentof the post-sale transaction process of the present invention isillustrated. The post-sale trade execution status of item 102 includes:“item sale completed (finished),” “item verified by administrator,” or“item rejected by administrator.”

The “Inform” section 800 presents the following data on sales for item102 pending for sellers 804: the item title 110, the brief item detail112, and a match price 812. An “Inform” button 810 is also displayednext to all sale pending items. When a seller clicks on the informbutton 810 next to a sold item 102, a notification is generated toinform the third party verifier that the seller has sent the item to thethird party in order for the item to be verified. Verification may beconducted by people inside or outside the company running the web site.

The “Inform” section 800 presents the following data on orders confirmedfor buyers 802: the order number 134, the order total 144, the number ofmatch items within the order 806, the order confirmed date and time 808,and the detailed order information 132. The “Inform” button 810 is alsodisplayed for the order number 134. After an item has been verified,buyers use the “Inform” button 810 to notify an administrator of the website that payment has been sent for the order specified.

With reference to FIG. 13 of the Drawings, a “Sales Pending—Items”section 820 is illustrated, wherein an administrator of the web site canview items that have reached the “sales pending” status, i.e., items forwhich buyer and seller have ceased negotiation and agreed on price. The“Sales Pending—Items” section 820 allows the administrator to manage theverification process. The following information is displayed about amatch item 822: the item title 110 and the brief item detail 112 with ahyperlink to the complete item detail 116, a match date 824, the ordernumber 134, user names of buyers on the waitlist for the item 834, aswell as waitlist user details 836, seller user name 830, and buyer username 826. Links, e.g., hyperlinks, connect the order number 134 to thecomplete order detail 132, seller user name 826 to seller user accountinformation 828, and buyer user name 830 to buyer user accountinformation 832, respectively. Also displayed are a “Verify Match Item”button 838 and a “Reject Match Item” button 840 next to each match item822.

After the third party receives the match item 822 and verifies that theactual item detail is equal to the complete item detail 116 specified bythe seller for the match item 822 on the web site, an administratorclicks on the “Verify Match Item” button 838 next to the item. Onceclicked, the text “Verified” appears next to the item indicating thatthe item has passed the screening process, has been verified, and can beshipped to the buyer.

If the actual item detail for the match item 822 received, uponinspection, is not equal to the complete item detail 116 specified bythe seller for the match item 822 on the web site, the administratorclicks a “Reject Match Item” button 840 and a “Reject and Remove Item”button 842, which will remove the item from the buyer's order 130 andwill permanently delete the item from the web site. The buyer and sellerare notified that the match item 822 was removed from the order 130because it was not verified. In this case, the match item 822 will beshipped back to the seller. The administrator also has the option oftrying to broker a deal between buyer and seller for the match item 822at a new match price 812 given the actual item detail.

If the buyer defaults on payment or does not pay within an agreed timeframe, the administrator clicks the “Reject Match Item” button 840 andthe “Reject and Re-list item” button 844, which will remove the itemfrom the order 130 and make it available for other buyers by re-listingit in the “For sale” section 100. The buyer and seller are notified thatthe match item 822 was removed from the order 130 because the buyer hasnot paid and the match item 822 will be shipped back to the seller. Inaddition, the item 102 will then be offered to the first buyer on thewaitlist for the item 102.

With reference now to FIG. 14 of the Drawings, there is illustrated a“Sales Pending—Orders” section 850, wherein an administrator of the website can view and administer confirmed orders 802 with one or more matchitems 822 within the order. The following information is displayed:order confirmation date and time 808, i.e., the date and time whennegotiation between buyer and seller has ceased for all items 102 withinthe order 130, the order number 134, the order total 144, theaforedescribed buyer user name 826 with a hyperlink to respectiveaccount information 828, the number of match items 806, and the numberof items verified by the administrator 852. The administrator uses a“Close Order” button 854 to close the order 130. Once the close button854 is clicked, the verified items within the order 130 are no longerlisted on the web site. Alternatively, the administrator may abort theorder if there is a problem with the buyer by clicking an “Abort Order”button 856.

Waitlist Functionality

The web site embodying the present invention may provide a waitlistfunctionality. Referring now to FIG. 15 of the Drawings, there isillustrated an organizational chart for a buyer “Waitlist” section 200,wherein the buyer can view items for which the buyer is on a waitlist.Section 200 displays data regarding the item title 110 and the briefitem detail 112, a hyperlink connecting the item title 110 to thecomplete detailed item information 116, and the match price 812. When auser has viewed an item already in the process of being sold to anotherbuyer, the user may click a “Waitlist” button to indicate interest inpurchasing the item. In addition, if a seller has yet to agree to a bidfrom a bidder, any subsequent bidders who place the same bids (at thematch price) are automatically added to the waitlist for that item.

If the current buyer defaults on payment or does not pay within therequired time period set by the system, an administrator of the site canuse the system to offer the item to the first user on the waitlist. Thesystem notifies the first user on the waitlist that the item on thewaitlist is available and has been reserved for the user for thewaitlist timeout period. The waitlist timeout period is the time that awaitlist buyer has to order an item that has been reserved for thatwaitlist buyer. An administrator of the web site may set the waitlisttimeout, which is the deadline, in days, between the date an item in thefor sale section is made available exclusively to the waitlist buyer andthe date when the item is no longer held for the waitlist buyer. Afterthe waitlist timeout period has expired, the item is taken off reservefor the waitlist buyer, and if there is another waitlist buyer in thequeue, it is made available to that waitlist buyer. The first user onthe waitlist for the item has a limited amount of time within which thefirst user is offered the item exclusively. If the first waitlist userdoes not order the item within the required time period, anadministrator of the site can use the system to offer the item to thenext user on the waitlist. This process continues until the item is soldor there are no other users left on the waitlist. If the buyer on thewaitlist no longer wants to purchase the item, the buyer can cancel therequest to purchase the item with a “Cancel” button 205. If the order isclosed before an item is offered to a buyer on the waitlist, the itemmay be placed on the user's wantlist so the user will be notified if anidentical item is listed in the future. The system notifies thewaitlisted buyer that was on the waitlist that the sale of the item iscomplete and that the user is no longer on the waitlist for the item. Italso notifies the user that the item has been placed on the user'swantlist so the user will be notified if an identical item is listed inthe future.

Wantlist Functionality

The web site embodying the present invention may provide a “wantlist”functionality. With reference now to FIG. 16 of the Drawings, there isillustration of an organizational chart of a buyer's “My Wantlist”section 210. The buyer user can add a wantlist item individually throughan “Add Wanted Item” section 215. Alternatively, the buyer can upload alist of wantlist items through an “Upload List of Wanted Items” section220. Using a “View/Edit Items Wanted” section 225, the buyer can alsoview and edit items, as discussed hereinabove. To add wantlist itemsindividually, the user selects an item type 104 to call up a wantlistitem detail page 230, wherein the user enters a wantlist itemspecification 235, which includes: the item title 110, the brief itemdetail 112, an item category pull-down menu 240 selection, and anoptional maximum price 245 the buyer would be willing to pay for thewanted item.

If item 102 is listed in the “For Sale” section 100 or “Auction” section700 that matches a user's wantlist item specification 235, the systemnotifies that buyer that the item is available. Another function enablesthe system to automatically create a match when an item 102 is listed inthe “For Sale” section 100 that matches a user's wantlist itemspecification 235, and if the list price 118 is less than or equal tothe wantlist user's maximum price 245 for the wantlist item.

Furthermore, additional functionality may allow a seller to viewwantlists and click a “Sell” button next to a wantlist item if thatseller has the wantlist item. If the seller's item is indeed an exactmatch with the wantlist item, a match item is created and a sale pendingis assigned to the wantlist user.

While the present invention has been described in connection with anumber of exemplary embodiments and implementations, the presentinvention is not so limited but rather covers various modifications andequivalent arrangements, which fall within the purview of the appendedclaims.

1. A method for facilitating the negotiation and sale of an item betweena seller and at least one bidder across a network, said seller and saidat least one bidder being remote from one another, said methodcomprising the steps of: receiving, from said seller to said at leastone bidder, item data about said item, said item being nonstandard; inresponse to an offer by said at least one bidder to said seller,counteroffering, by said seller, with new sales terms to said at leastone bidder, wherein said new sales terms include a new price, said newprice being less than a listed ask price in said item data and greaterthan a bid price in said offer, and said offer of said at least onebidder and the counteroffer by said seller being in real-time; andselecting, among said at least one bidder, a buyer of said item at saidnew sales terms.
 2. The method according to claim 1, wherein said stepof counteroffering, at new sales terms, to an offer by said at least onebidder is repeated a plurality of times.
 3. The method according toclaim 1, wherein, after the step of counteroffering by said seller withnew sales terms to said at least one bidder, an offer from a differentbidder is received at or above said new sales terms and said differentbuyer is automatically selected as the buyer of said item at said newsales terms.
 4. The method according to claim 1, wherein offers fromsaid at least one bidder to said seller below a minimum value areautomatically rejected.
 5. The method according to claim 1, furthercomprising, after the step of selecting, the step of: adding otherprospective bidders to a waitlist for said item until said item isconveyed to said buyer.
 6. The method according to claim 5, furthercomprising, after said item is conveyed to said buyer, the step of:removing prospective bidders from said waitlist; and adding said itemdata to a wantlist of desired items for said prospective bidders.
 7. Themethod according to claim 1, wherein said at least one bidder is thefirst prospective bidder on a waitlist for said item.
 8. The methodaccording to claim 1, wherein said at least one bidder has said itemdata in a wantlist of desired items.
 9. The method according to claim 1,wherein, prior to said step of receiving, said item failed to sell atauction and said item was automatically offered for bid.
 10. The methodaccording to claim 1, wherein said step of selecting is performed withina time limit.
 11. The method according to % claim 10, wherein said timelimit is determined by a party, said party being selected from the groupconsisting of at least one of said seller, said at least one bidder, anda negotiation administrator.
 12. The method according to claim 1,wherein a negotiation administrator ensures said negotiation and saidsale comply with rules, said rules determining allowable item data, andpersons permitted to be said seller and said at least one bidder. 13.The method according to claim 12, wherein said seller and said at leastone bidder are remote from said negotiation administrator.
 14. A methodfor facilitating the negotiation and sale of an item between a sellerand at least one bidder across a network, said seller and said at leastone bidder being remote from one another, said method comprising thesteps of: receiving, from said at least one bidder, item data about saiditem and a first offer to purchase said item at first sales terms, saiditem being nonstandard; receiving, from said seller, a second offer tosell said item at new sales terms; and selecting said at least onebidder to buy said item at said new sales terms.
 15. A method forfacilitating the negotiation and sale of an item between a seller and atleast one bidder across a network, said seller and said at least onebidder being remote from one another, said method comprising the stepsof: receiving, from said seller to said at least one bidder, item dataabout said item, said item being nonstandard; in response to an offer bysaid at least one bidder to said seller, counteroffering, by saidseller, with new sales terms to said at least one bidder, wherein saidnew sales terms include a new price, said new price being greater than abid price in said offer, said bid price being greater than or equal to alisted ask price in said item data, and said offer of said at least onebidder and the counteroffer by said seller being in real-time; andselecting, among said at least one bidder, a buyer of said item at saidnew sales terms.
 16. The method according to claim 15, wherein said stepof counteroffering, at new sales terms, to an offer by said at least onebidder is repeated a plurality of times.
 17. The method according toclaim 15, wherein, after the step of counteroffering by said seller withnew sales terms to said at least one bidder, an offer from a differentbidder is received at or above said new sales terms and said differentbuyer is automatically selected as the buyer of said item at said newsales terms.
 18. The method according to claim 15, further comprising,after the step of selecting, the step of: adding other prospectivebidders to a waitlist for said item until said item is conveyed to saidbuyer.
 19. The method according to claim 18, further comprising, aftersaid item is conveyed to said buyer, the step of: removing prospectivebidders from said waitlist; and adding said item data to a wantlist ofdesired items for said prospective bidders.
 20. The method according toclaim 15, wherein said at least one bidder is the first prospectivebidder on a waitlist for said item.
 21. The method according to claim15, wherein said at least one bidder has said item data in a wantlist ofdesired items.
 22. The method according to claim 15, wherein, prior tosaid step of receiving, said item failed to sell at auction and saiditem was automatically offered for bid.
 23. The method according toclaim 15, wherein said step of selecting is performed within a timelimit.
 24. The method according to claim 23, wherein said time limit isdetermined by a party, said party being selected from the groupconsisting of at least one of said seller, said at least one bidder, anda negotiation administrator.
 25. The method according to claim 15,wherein a negotiation administrator ensures said negotiation and saidsale comply with rules, said rules determining allowable item data, andpersons permitted to be said seller and said at least one bidder. 26.The method according to claim 25, wherein said seller and said at leastone bidder are remote from said negotiation administrator.
 27. A methodfor facilitating the sale and conveyance of at least one item from atleast one seller to a buyer across a network, said at least one sellerand said buyer being remote from one another, said method comprising thesteps of: directing, after sale of said at least one item to said buyer,the at least one seller to forward said at least one item to a thirdparty, said at least one item being nonstandard; verifying, by saidthird party, that said at least one nonstandard item matches itemdescription data sent to said buyer by said at least one seller;receiving payment from said buyer; transferring, after successfulverification by said third party and receipt of said payment, said atleast one nonstandard item to said buyer; and transmitting said paymentto said at least one seller.
 28. The method according to claim 27,wherein said sale results from an auction.
 29. The method according toclaim 27, wherein said third party is a negotiation administrator. 30.The method according to claim 27, further comprising the step of:reserving, after said step of directing, said at least one item at saidthird party if the sale fails and another buyer completes the sale. 31.A system for facilitating the negotiation and sale of an item between aseller and at least one bidder across a network, said seller and said atleast one bidder being remote from one another, said system comprising:means for receiving from said seller to said at least one bidder, itemdata about said item, said item being nonstandard; means forcounteroffering by said seller, in response to an offer by said at leastone bidder to said seller, with new sales terms to said at least onebidder, wherein said new sales terms include a new price, said new pricebeing less than a listed ask price in said item data and greater than abid price in said offer, and said offer of said at least one bidder andthe counteroffer by said seller being in real-time; and means forselecting, among said at least one bidder, a buyer of said item at saidnew sales terms.
 32. The system according to claim 31, wherein said stepof counteroffering, at new sales terms, to an offer by said at least onebidder is repeated a plurality of times.
 33. The system according toclaim 31, wherein, after the step of counteroffering by said seller withnew sales terms to said at least one bidder, an offer from a differentbidder is received at or above said new sales terms and said differentbuyer is automatically selected as the buyer of said item at said newsales terms.
 34. The system according to claim 31, wherein offers fromsaid at least one bidder to said seller below a minimum value areautomatically rejected.
 35. The system according to claim 31, furthercomprising means for adding, other prospective bidders to a waitlist forsaid item until said item is conveyed to said buyer.
 36. The systemaccording to claim 35, further comprising means for removing, after saiditem is conveyed to said buyer, prospective bidders from said waitlist,and means for adding said item data to a wantlist of desired items forsaid prospective bidders.
 37. The system according to claim 31, whereinsaid at least one bidder is the first prospective bidder on a waitlistfor said item.
 38. The system according to claim 31, wherein said atleast one bidder has said item data in a wantlist of desired items. 39.The system according to claim 31, wherein said item failed to sell at anauction and said item was automatically offered for bid.
 40. The systemaccording to claim 31, wherein said step of selecting is performedwithin a time limit.
 41. The system according to claim 40, wherein saidtime limit is determined by a party, said party being selected from thegroup consisting of at least one of said seller, said at least onebidder, and a negotiation administrator.
 42. The system according toclaim 31, wherein a negotiation administrator ensures said negotiationand said sale comply with rules, said rules determining allowable itemdata, and persons permitted to be said seller and said at least onebidder.
 43. The system according to claim 42, wherein said seller andsaid at least one bidder are remote from said negotiation administrator.44. A system for facilitating the negotiation and sale of an itembetween a seller and at least one bidder across a network, said sellerand said at least one bidder being remote from one another, said systemcomprising: means for receiving, from said at least one bidder, itemdata about said item and a first offer to purchase said item at firstsales terms, said item being nonstandard; means for receiving from saidseller a second offer to sell said item at new sales terms; and meansfor selecting said at least one bidder to buy said item at said newsales terms.
 45. A system for facilitating the negotiation and sale ofan item between a seller and at least one bidder across a network, saidseller and said at least one bidder being remote from one another, saidsystem comprising: means for receiving, from said seller to said atleast one bidder, item data about said item, said item beingnonstandard; means for counteroffering by said seller, in response to anoffer by said at least one bidder to said seller, with new sales termsto said at least one bidder, wherein said new sales terms include a newprice, said new price being greater than a bid price in said offer, saidbid price being greater than or equal to a listed ask price in said itemdata, and said offer of said at least one bidder and the counteroffer bysaid seller being in real-time; and means for selecting, among said atleast one bidder, a buyer of said item at said new sales terms.
 46. Thesystem according to claim 45, wherein said step of counteroffering, atnew sales terms, to an offer by said at least one bidder is repeated aplurality of times.
 47. The system according to claim 45, wherein, afterthe step of counteroffering by said seller with new sales terms to saidat least one bidder, an offer from a different bidder is received at orabove said new sales terms and said different buyer is automaticallyselected as the buyer of said item at said new sales terms.
 48. Thesystem according to claim 45, further comprising means for adding, otherprospective bidders to a waitlist for said item until said item isconveyed to said buyer.
 49. The system according to claim 48, furthercomprising means for removing, after said item is conveyed to saidbuyer, prospective bidders from said waitlist, and means for adding saiditem data to a wantlist of desired items for said prospective bidders.50. The system according to claim 45, wherein said at least one bidderis the first prospective bidder on a waitlist for said item.
 51. Thesystem according to claim 45, wherein said at least one bidder has saiditem data in a wantlist of desired items.
 52. The system according toclaim 45, wherein, prior to said step of receiving, said item failed tosell at auction and said item was automatically offered for bid.
 53. Thesystem according to claim 45, wherein said step of selecting isperformed within a time limit.
 54. The system according to claim 53,wherein said time limit is determined by a party, said party beingselected from the group consisting of at least one of said seller, saidat least one bidder, and a negotiation administrator.
 55. The systemaccording to claim 45, wherein a negotiation administrator ensures saidnegotiation and said sale comply with rules, said rules determiningallowable item data, and persons permitted to be said seller and said atleast one bidder.
 56. The system according to claim 55, wherein saidseller and said at least one bidder are remote from said negotiationadministrator.
 57. A system for facilitating the sale and conveyance ofat least one item from at least one seller to a buyer across a network,said at least one seller and said buyer being remote from one another,said system comprising: means for directing, after sale of said at leastone item to said buyer, the at least one seller to forward said at leastone item to a third party, said at least one item being nonstandard;means for verifying, by said third party, that said at least onenonstandard item matches item description data sent to said buyer bysaid at least one seller; means for receiving payment from said buyer;means for transferring, after successful verification by said thirdparty and receipt of said payment, said at least one nonstandard item tosaid buyer; and means for transmitting said payment to said at least oneseller.
 58. The system according to claim 57, wherein said sale resultsfrom an auction.
 59. The system according to claim 57, wherein saidthird party is a negotiation administrator.
 60. The system according toclaim 57, further comprising means for reserving, after said step ofdirecting, said at least one item at said third party if the sale failsand another buyer completes the sale.
 61. A data storage medium withcomputer-executable instructions thereon for facilitating thenegotiation and sale of an item between a seller and at least one bidderacross a network, said seller and said at least one bidder being remotefrom one another, said data storage medium comprising: instructions forreceiving, from said seller to said at least one bidder, item data aboutsaid item, said item being nonstandard; in response to an offer by saidat least one bidder to said seller, instructions for counteroffering, bysaid seller, with new sales terms to said at least one bidder, whereinsaid new sales terms include a new price, said new price being less thana listed ask price in said item data and greater than a bid price insaid offer, and said offer of said at least one bidder and thecounteroffer by said seller being in real-time; and instructions forselecting, among said at least one bidder, a buyer of said item at saidnew sales terms.
 62. A data storage medium with computer-executableinstructions thereon for facilitating the negotiation and sale of anitem between a seller and at least one bidder across a network, saidseller and said at least one bidder being remote from one another, saiddata storage medium comprising: instructions for receiving, from said atleast one bidder, item data about said item and a first offer topurchase said item at first sales terms, said item being nonstandard;instructions for receiving from said seller a second offer to sell saiditem at new sales terms; and instructions for selecting said at leastone bidder to buy said item at said new sales terms.
 63. A data storagemedium with computer-executable instructions thereon for facilitatingthe negotiation and sale of an item between a seller and at least onebidder across a network, said seller and said at least one bidder beingremote from one another, said data storage medium comprising:instructions for receiving, from said seller to said at least onebidder, item data about said item, said item being nonstandard; inresponse to an offer by said at least one bidder to said seller,instructions for counteroffering, by said seller, with new sales termsto said at least one bidder, wherein said new sales terms include a newprice, said new price being greater than a bid price in said offer, saidbid price being greater than or equal to a listed ask price in said itemdata, and said offer of said at least one bidder and the counteroffer bysaid seller being in real-time; and instructions for selecting, amongsaid at least one bidder, a buyer of said item at said new sales terms.64. A data storage medium with computer-executable instructions thereonfor facilitating the sale and conveyance of at least one item from atleast one seller to a buyer across a network, said at least one sellerand said buyer being remote from one another, said data storage mediumcomprising: instructions for directing, after sale of said at least oneitem to said buyer, the at least one seller to forward said at least oneitem to a third party, said at least one item being nonstandard;instructions for verifying, by said third party, that said at least onenonstandard item matches item description data sent to said buyer bysaid at least one seller; instructions for receiving payment from saidbuyer; instructions for transferring, after successful verification bysaid third party and receipt of said payment, said at least onenonstandard item to said buyer; and instructions for transmitting saidpayment to said at least one seller.
 65. The data storage mediumaccording to claim 64, wherein said sale results from an auction.